Can Institutional Change Impact High-Technology Firm Growth?: Evidence from Germany's Neuer Markt

David Audretsch () and Julie Elston

Papers on Entrepreneurship, Growth and Public Policy from Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group

Abstract: To facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 - Der Neue Markt. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt, but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy.

Keywords: Innovation; Growth; Institutions; Germany (search for similar items in EconPapers)
JEL-codes: L25 O3 O4 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2004-05
New Economics Papers: this item is included in nep-ent and nep-ino
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Related works:
Journal Article: Can Institutional Change Impact High-technology Firm Growth?: Evidence from Germany’s Neuer Markt (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:esi:egpdis:2004-25

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